U.S. stock futures started the week lower as investors await the release of earnings from the retail sector. Futures on the S&P 500 fell by 0.3% while futures on the Dow Jones Industrial Average and Nasdaq Composite declined by 0.2% and 0.4% respectively.
Such losses come after futures ended last week with their largest gains in months. The S&P 500 gained almost 6% while the Nasdaq surged by approximately 8%. This upward tick is largely attributed to the recent inflation cooldown that has restored investor confidence that the Federal Reserve’s monetary policy may be loosened.
The current round of retail earnings reports has resulted in the trending of numerous stocks, most notably Tyson Foods, which released AMC Entertainment Holdings, Inc. quarterly earnings that missed expectations. Oatly Group AB reported a larger-than-expected quarterly loss while AMC Entertainment Holdings, Inc. announced its intention to purchase struggling movie theatres as part of its expansion efforts.
Among those retail giants who are set to release their quarterly earnings later this week are Walmart, Target, and Home Depot.